PROBLEM SOLVING Instruction: Instruction: Answer the following problems and box your final answer. 1. The income of Mr. FG Garcia Increased from Php600 to Php900 a day. His demand for grocery items increased from 300 to 450. Compute for the income elasticity of demand of Mr. FG Garcia and identify what kind of good. Using arc elasticity formula 2. Compute for the cross price elasticity of the following commodities and identify what type of goods: (using arc elasticity formula). Commodity Before After Price/Unit Quantity Price/Unit Quantity Printer(Y) 5.000 2.000 5.500 1.500 Ink(X) 1.500 1.100 1.500 900 3. Compute for the price elasticity of supply of the following points on the supply schedule. (using arc elasticity formulal. Points A -C c. Points E - F Points C - E d. Points A - F Points Price Quantity Supplied A 19 45 B 51 C 54 D 13 58 15 60 19 63 G 20 70